Generally, accounts and records are prepared using general accepted accounting principles in India. These principles include Ind-AS, Accounting Standards, Companies Act, Other Industry specific laws, etc. These laws also prescribed the manner of maintenance of records, their time…
Like ‘Tax Audit’ under Income Tax Act, in GST, there is also a provision for Statutory Audit under GST. As per Section 35(5) of CGST Act 2017, every registered person whose turnover during a financial year exceeds the…
Tax rate of services in relation to Job Work on physical inputs (goods) owned by others are mentioned at Serial Number 26 of CGST Rate Schedule of Services. Following is the rate schedule for various job work activities:-…
Recently, GSTIN system has issued an advisory in respect of Refund of IGST Paid on Export of Goods. This advisory is basically issued with reference to the processing of invoices of GSTR 1 pertaining to the export of goods…
Under GST law, Two types of inward supplies are prescribed where reverse charge provisions are applicable:- Inward Supplies as notified by government through notification (Compulsory Reverse Charge) Inward Supplies from Unregistered Persons In this article, we will go…
In this article, we will go through the GST refund procedure and applicable law in case of Zero rated supply of goods or services or both (in case of Exports) under Bond or Letter of undertaking (LUT). This article…
GST council, in its meeting on 18.01.2018, provide clarifications on various matters to resolve the early age disputes. These clarifications are discussed below:- 1) Exemption limit provided in Accommodation Sector also available to Hostels: It is clarified that…
In GST, margin scheme has been provided in case of sale of second hand motor vehicles. In this scheme, a person supplying old and used vehicles is liable to pay GST on the profit margin at the time…
Rule 138 of CGST Rules 2017 has prescribed certain supplies where generation and carriage of E-Way Bill not required. For the purpose of transportation of these supplies, person in-charge of the conveyance carrying such goods must have ‘Tax…
GST rate for Accommodation services are provided in N/N CGST-R-11/2017 and CGST-R-12/2017. In India, GST rates are provided under different slabs on the basis of paying capacity of tenants/guests. High spending means higher rate of tax. GST rate…
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